Homegrown fastfood giant Jollibee Foods Corp. has made an additional investment of 36.3 million Singapore dollars (roughly P1.3 billion) in a company that owns the Asia-Pacific master franchise of popular dim sum chain Tim Ho Wan.
In a regulatory filing, JFC said it was acquiring the 25% interest of Aragon Investments SPC to boost its stake in private equity fund Titan Dining LP to 85%.
Targeted to be competed on October 30, the all-cash transaction is in line with JFC’s strategy to invest in the food sector and grow strong Asia Pacific food service brands.
Under an agreement signed in 2018, JFC has the option to acquire a substantial ownership in Titan Dining when the term of the fund expires in seven years.
Titan Dining owns 100% of Tim Ho Wan Pte. Ltd and its affiliate Dum Sum Pte. Ltd.,which operate a combined 40 restaurants in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia and the Philippines.
Last September 23, the Jollibee Group opened the first ever Tim Ho Wan restaurant in Shanghai, marking the Michelin starred restaurant’s entry into the world’s largest consumer economy.
JFC already has five brands serving Chinese cuisine: Chowking, a Chinese fast casual concept with presence mostly in the Philippines (645 stores worldwide); Yonghe King, a Taiwanese food-inspired restaurant chain in China that is famous for its freshly prepared soya milk (353 stores); Hong Zhuang Yuan, a full-service restaurant chain in Beijing, PRC that serves congee and other hot dishes (30 stores); Panda Express (1 store), America’s favorite Chinese kitchen that is best known for its wide variety of original recipes and Tim Ho Wan (1 store) which offers delicious authentic Hong Kong dim sum at a good value for money.